UPDATE: J.P. Morgan Lowers PT on BioMimetic Therapeutics to $10

J.P. Morgan is out with its report today on BioMimetic Therapeutics BMTI, lowering its PT from $17 to $10. In a note to clients, J.P. Morgan writes, "We value BioMimetic primarily on an EV/Sales basis, supported by DCF analysis. Because BMTI is an earlier-stage company than many of its peers, we use a discounted out-year revenue estimate to make an appropriate comparison. Our $10 price target represents 24% appreciation over current levels, and we could see upside to this target as we move through the year should BMTI's FDA path become clearer." Shares of BMTI closed Thursday at $8.09, up 0.75% from Wednesday's close.